Many one thinks that we are to learn Forex by only reading books, internet articles and newspaper. These are true but to learn trading Forex really we must have to trade with Forex. To learn this there is no substitute for trading practice.
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Many one thinks that we are to learn Forex by only reading books, internet articles and newspaper. These are true but to learn trading Forex really we must have to trade with Forex. To learn this there is no substitute for trading practice.
The best way to lean forex trading is to start learning the basics rules of the forex, the operations, the platforms, the news effect and all the nessecary things about this market, after that use a demo acount before start the real one .
I think it is important to learn by demo . but it is also good to have a person who will guide you on the basic of using the trading account . Cause it is some times confusing to learn how to start a trade . but if you get the very basic , then you can do other things by yourself .....
You are right. And I agree with the saying that. However, the extent to which we understand it? Taking the wisdom of an experience it was indeed very good. But it will be less likely that we experience when we can take a lesson from the experience of others in this trade, both successful and failed.
I agree it is very important demo account for our learning. because the demo account that will make us more mengenan forex trading conditions very well. so the longer we learn in the demo account, it would make us better understand the forex trading properly. and when we have to understand the forex trading, it will make us more easy to profit in trading on real account.
I have read in 1 article that, "The best way to learn to trade Forex is to trade Forex." That is so interesting like putting the hypothetical theory into practical exercise,Experience and Pratice are best teacher, and so i give highest importance to it...
Learning is better before trading in Forex. Before learning you can not know about important parameters and trading terms. Learning help in making strategies and analysis which is very good for trading in Forex. To make Forex less risky one must have enough knowledge and experience.
1. Trading Capital
Forex traders do not need to have a lot of capital to trade due to being able to trade on margin. The average forex broker requires at least $300 to open an account and start trading. A good rule of thumb is to have at least $1000 to open a mini account, preferably $2000. This number might sound a little high for beginners, but this will allow you to trade with a bit of a buffer in case of losses. 2. Open a Demo Account
A forex trading demo account is an a trading account with monopoly money in it that is connected to the live market. Trades can be placed in real time and represent what would be true losses and gains if the money were real. Before you put 1 penny on the line with trading, you'll need some practice. A demo account will give you the ability to practice trading without the pressure.
3. Forex Training or Practice
Aside from practicing, you may want to seek some trading advice from a forex trainer or forex books. As a trader you will need to develop your own style and trading ideas, but in the beginning, it can be helpful to have some professional direction and recommendations. Forex is very daunting in the early days and some guidance can really help.
4. Become Profitable
Before you actually commit to live trading and money on the line, you should be able to profitably trade on your demo account or with paper trading. Your track record should be more than a few weeks, at least 3 months, preferably 6 months. It will be difficult to refrain from trading after you make those first few profitable trades, but experience really counts in forex trading. It's something that you cannot work around, you have to get it the old fashioned way, hard work.
5. Go Live
After practicing for several months, doing a little training, and getting some forex education and becoming consistently profitable, it's time to start making live trades. You may find that it's a little different to have actual money on the line, but if you stick to the same practices you used to be profitable while trading the demo account, you will be successful.